CTO Realty Growth closes $1B credit facility, extends maturities to 2032
What's the deal? CTO Realty GrowthDealroom has a profile for this one. Try Dealroom → (NYSE: CTO) has closed a $1 billion amended and restated unsecured credit facility, the Winter Park, Florida-based shopping center owner announced on September 30, 2026. A syndicate of banks led by KeyBank National AssociationDealroom has a profile for this one. Try Dealroom → as administrative agent provided the post-IPO debt.
What's inside? The facility combines a $400 million revolving credit line due September 2030 with four term loans: two of $150 million each due in 2029 and 2030, plus new $150 million tranches due September 2031 and March 2032.
Why now? The deal extends CTO's debt maturity profile, pushing the nearest maturity to September 2029 and lifting the weighted average maturity of outstanding debt to 4.3 years from 1.6 years at closing. It also adds $250 million in incremental commitments.
Where's the money going? Proceeds repaid borrowings under the company's previous $300 million revolving facility and two $100 million term loans due in January 2027 and January 2028. The new capacity is earmarked to fund growth of CTO's open-air shopping center portfolio across the Southeast and Southwest.
Borrowings bear interest at SOFR plus a spread tied to a leverage-based pricing grid. CTO applied swaps to fix initial rates ranging from 3.4% to 5.3% across the term loans.
What they said: The facility "extends our debt maturity profile and increases total commitments by $250 million, providing additional capacity to fund the ongoing growth of our high-quality, open-air shopping center portfolio," said Philip R. Mays, senior vice president, chief financial officer and treasurer.
Who's in? Co-syndication agents included Bank of America, The Huntington National BankDealroom has a profile for this one. Try Dealroom →, PNC Bank, Regions Bank, Truist BankDealroom has a profile for this one. Try Dealroom →, and Wells Fargo BankDealroom has a profile for this one. Try Dealroom →. Associated BankDealroom has a profile for this one. Try Dealroom →, Pinnacle BankDealroom has a profile for this one. Try Dealroom →, Raymond James BankDealroom has a profile for this one. Try Dealroom →, and Santander also participated.
The signal: At $1 billion, the raise sits in the 90th percentile of all post-IPO debt deals in its sector, underscoring CTO's push to lock in longer-dated financing and build capacity for portfolio expansion.
Read more: marketscreener.com
